Publicly-traded Atlas Consolidated Mining and Development Corporation is looking at raising $170 million for expansion projects, an industry source said.
Atlas Mining is now on an aggressive mood considering the recent change in the prospects for the country’s mining industry.
Carmen Copper Corp., a subsidiary of Atlas, recently disclosed of plans to go public. Its application to list in the Exchange is still pending with the Philippine Stock Exchange.
Carmen Copper, is a wholly-owned subsidiary of Atlas. It handles its parent company’s copper operations.
Atlas Mining, on the other hand, was established through the merger of assets and equities of three Soriano-controlled pre-war mines, the Masbate Consolidated Mining Company, IXL Mining Company and the Antamok Goldfields Mining Company.
The company is engaged in mineral and metallic mining and exploration that primarily produces copper concentrates and gold with silver and pyrites as major by-products. Its subsidiary, ACMDC Ventures, Inc. (AVI) is 79 percent-owned and is engaged in construction and engineering works.
The Company’s copper mining operations, which started commercial operations in 1955, are centered in Toledo City, Cebu where two open pit mines, two underground mines and milling complexes (concentrators) are located.
The Cebu copper mine ceased operations in 1994. Activities after the shutdown have been limited to safeguarding and maintaining the property, plant and equipment at the minesite. The Masbate gold mine, meanwhile, was sold to Base Metal Minerals Resources Corporation in 1996.
